Boris Katsnelson

I’ve said it before, and I’ll say it again, investors buy performance, not potential. When we evaluate franchise brands, we don’t start with the story or the tech stack. We start with unit-level profitability. That’s the foundation for scale, validation, and enterprise value. In my new Forbes article, I break down the key metrics investors look for and why sustainable unit economics always win over flashy growth. 🔗 https://lnkd.in/e6uwkjpx Visit Boxwood Partners: https://lnkd.in/eWPtbT7q #Franchising #PrivateEquity #MergersAndAcquisitions #BoxwoodPartners

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Most founders go through life thinking they’re chickens. Back in 2005, Burak Büyükdemir nearly didn’t follow his instincts and almost didn’t write his first book. (Yes, nearly 20 years ago. And yes, he’ll admit that makes him feel ancient.) At the time, he was teaching at Istanbul Technical University, witnessing the very earliest stirrings of the Turkish startup ecosystem. One day, he helped organise a small student startup competition. The turnout stunned him: 🔹 Students queuing out the door 🔹 A packed room bursting with energy 🔹 A clear hunger to build something bigger That was the turning point. He realised founders didn’t just need lectures. They needed belief. They needed a bridge between ambition and action. That insight led to the founding of Etohum, one of Türkiye’s first startup programmes. And the book? "Why Can’t an Eagle Fly in the Coop? 🦅" It flopped. Only 2,000 copies were printed. Eventually bundled with a magazine just to get it into people’s hands. By most accounts, a failure. So why bring it up now? Burak has been quietly sharing ideas from that book on LinkedIn and what he’s seen is telling: The fundamentals of building a great business haven’t changed. 🟡 Same principles 🟡 Same founder fears 🟡 Same timeless solutions Here’s what he’s learned, watching founders either soar or stay grounded. Credit Burak Buyukdemir Enjoyed this post? Follow Chris Tottman for more & feel free to repost ♻️ You can also join 25000+ Founders & Operators who receive Actionable Insights every week in my newsletter via the LINK at the Top☝️

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$2.29 billion in revenue. Flat DTC growth. That’s not a contradiction. That’s PVH pulling off a Q3 win with surgical retail execution. While half the industry is playing discount limbo, Tommy and Calvin just tightened full-year guidance up. Why? Because the web shops in North America and APAC quietly did their job. And that job wasn’t to grow. It was to defend margin. Margins took a hit. But SG&A costs dropped 200 basis points in 18 months. Not by slashing. By streamlining. Now zoom out. How many fashion operators right now are seeing: → slight store traffic dips → inventory up 10–15 % → and boardroom panic over Q4? And yet PVH barely moved their inventory. Digital was flat. Stores were flat. And somehow they still hit the high end of their EPS guidance. The trick? 👖 Calvin Klein underwear still drives. 🧢 Hilfiger’s “Racing Club” pop-off worked. 📦 Demand-led inventory cut markdowns. 🔍 Digital insights beat gut calls. 💸 Lower opex made room for brand pushes. This isn’t flashy growth. It’s surgical resilience. The kind that should terrify every brand trying to drive DTC with 20 % coupon codes and two influencers. And it shows something bigger. Fashion DTC isn’t about chasing volume right now. It’s about protecting direct margin. The brands that treat ecommerce like a loyalty channel, not a numbers game, will win this winter. PVH just tightened their full-year outlook. Most players are still rewriting theirs. #ecommerce #dtcstrategy #fashionretail #marketplaces #digitalcommerce

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Too many founders still buy into outdated financing myths like waiting on SBA loans that won’t come, refusing to lease equipment, or avoiding debt like it’s toxic. The truth? Smart businesses use capital to move faster. Debt isn’t the enemy. Waiting too long to scale is. Don’t let pride in bootstrapping hold you back when the market’s moving. Financial literacy is as critical as your product. Know your numbers, challenge the myths, and grow with intention. #SmallBizFinance #FoundersMindset #Entrepreneurship

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Don't get "stuck in the middle." A recent Institutional Limited Partners Association (ILPA) white paper highlighted the tensions and concerns that institutional LPs are having over the race for "retail" by alternative asset managers. Balancing the needs and demands of both institutional and wealth channel LPs is a question that’s moving to the forefront of conversations between GPs and LPs as the industry evolves to cater to the needs of the new, relatively untapped LP: the wealth channel. Institutional LPs are wondering how GPs that decide to work with the wealth channel will handle the influx of capital from private wealth and what that means for their own relationships with GPs. Scott Ramsower, Head of Private Equity Funds at the $221B AUM Teacher Retirement System of Texas, said this topic is “is top of mind for limited partners.” Institutional Limited Partners Association (ILPA) then said the quiet part out loud. "More pointedly, ILPA elevates these issues at a time when the underlying mix of investments of these products may exacerbate a strategy-structure misalignment ..." Reorienting an asset manager to be able to properly serve the wealth channel requires capital, commitment, and comprehension. Perhaps the most important “c” for firms to internalize? Comprehension. Asset managers will do well to comprehend the nuances of balancing the needs of both the wealth channel and their long-standing existing customers, the institutional LPs. EQT Group CEO Per Franzen said it well when he remarked recently that responsible growth is critical: “If I had a magic wand, I would use that and make sure that every larger player in the private markets industry pursues that opportunity in a long-term responsible way.” Responsible is the keyword here. With people’s retirements hanging in the balance, it’s never been more important to get retail right. If asset managers — and the industry — want to be successful, they can’t afford to get “stuck in the middle” of not serving either institutional or wealth channel LPs well. Read on for more👇 This week's Alt Goes Mainstream's AGM Alts Weekly, brought to you by Nomura Capital Management, covers: 🗂️ AGM Index, an index that tracks the leading publicly traded alternative asset managers. 💻 Who is hiring: Senior-level positions from companies Blackstone, KKR, Apollo Global Management, Inc., Blue Owl Capital, Franklin Templeton, iCapital, Goldman Sachs, Partners Group, Ultimus Fund Solutions, Allocate, SageSpring Wealth Partners, MSCI Inc. Subscribe👇 to see the latest trends & navigate this rapidly changing landscape as alts go mainstream. https://lnkd.in/ehsbjSBA

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Your business isn't as special as you think it is. In the Lower Middle Market, I’ve seen too many founders clinging to myths. "Our brand is unique." "We're the only ones who can do this." The brutal truth? Buyers aren't swooning over your logo or the founder’s passion project. Here’s the reality: Buyers care about predictable, transferable value. Are your processes standardized? Can your team operate smoothly without you? Is your customer base diversified enough to withstand hits? The most underappreciated asset? Boring, consistent performance. It's about sweat equity in systems—not just visionary ideas. Buyers seek evidence you’ve built a company, not a cult of personality. Take a good look at your business. How much value can someone extract without you leading the charge? If you can't answer that, it's time to ruthlessly eliminate the “special snowflake” syndrome. If this made you rethink something, repost it.

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I spoke with Christien Louviere of BDE Capital about his journey from a $330mm exit to becoming an independent sponsor. Christien shared excellent insights for folks looking to partner with business owners, rather than buy sellers out completely. Below are a few of the topics we covered: - Why he moved from “zero-to-one” startups to a buy-then-build strategy - How Christien's background shaped a focus on growth vs. cost-cutting - Why 20–40% rolled equity is central to his deal structures—and how it builds trust with sellers - Using scenario analysis with AI tools to evaluate management teams and uncover hidden key-person risks - How to identify when a $3–5M EBITDA company truly has a middle management layer—or is still founder-reliant For anyone investing in or buying small businesses, Christien’s approach provides a fresh lens on growth, alignment, and deal structuring. 🎥 Watch the full interview here → https://lnkd.in/ekfkaiej 🎧 Listen on Spotify: https://lnkd.in/e86Agx6V

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Big news from the Manna Tree portfolio: Health-Ade has been acquired by Generous Brands — now creating a nearly $1 billion total sales platform transforming the refrigerated beverage aisle.   We partnered with Health-Ade in 2021, recognizing the growing demand for gut health and functional nutrition. Approaching $250M+ in retail sales annually and distribution in over 65,000 stores, Health-Ade exemplifies what it means to scale with integrity.   It’s been an honor to support this journey alongside FIRSTBEV LIMITED — and we can’t wait to see what Health-Ade and Generous Brands do next. Story via The Wall Street Journal: https://lnkd.in/dxvX8GD2   Press release here: https://lnkd.in/df2ZgEWg   #MannaTree #HealthAde #GutHealth #BetterForYou

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